Hub International Limited insurance brokerage reported its net income in the third quarter dropped 165 percent compared to last year on a $7.6 million payout to employees from a brokerage service acquired last year.
For the third quarter of this year, net income declined about $1.9 million, going from $1.15 million, or 4 cents a share in 2004, to a loss of $741,000, or 2 cents a share. Revenues increased 7 percent, or $6.3 million, to $98 million from $92 million last year.
For the nine months ending Sept. 30, net income dropped 11 percent, or $2.4 million, going from $22.4 million, or 68 cents a share, to more than $20 million, or 59 cents a share. Revenues increased 30 percent, or $75 million, from $254 million to $328.5 million.
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